Concern over Crypto Security after French Businessman Arrested for Stealing €1.3m in Bitcoin

French previous tech-entrepreneur is held in custody after allegedly after stealing over 1 million euros worth of bitcoin from his previous partners.

An investigation requested by the company he cofounded has seen the entrepreneur indicted in what is reported to be an act of revenge.

The suspect is reported to have been ousted from the startup after differences over strategy, allegedly turning him from entrepeneur to crypto-hacker.

According to Le Parisien, other executives began to notice decline in thier cryptocurrency holdings they use for day to day transactions.

Reports say that the theft was designed so that every fradulent bitcoin transaction was under the minimum threshold that triggers a security warning.

It’s worth noting that this isn’t the first time we see bitcoin money hacked. A college student has been arrested earlier in the US for allegedly stealing over $5 million in bitcoin by hijacking phone numbers.

Concerns about loopholes in cryptocurrency systems are not sufficiently addressed. Most countries haven’t yet regulated the use of cryptocurrency. But the incident comes as a hit to the already bad reputation of bitcoin as “not being secure enough”.

Related Posts

Chicago Mercantile Exchange (CME) director nominee believes that the exchange, one of the few regulated crypto-derivatives providers, should issue its own tokens in addition to bitcoin mining with renewable energy. Dante Federighi said in a […]

After being delayed several times last year, finally Tron founder and CEO Justin Sun has had his charity lunch with Berkshire Hathaway chairman and famous billionaire Warren Buffett. Sun met with Buffett in a private […]

The Malta-based crypto exchange Binance has recently announced acquisition over the CoinMarketCap; the most accurate, real-time crypto data website. The move was preceded by several acquisitions around the globe. Does this mean that the company […]

NKT, a leading electrical manufacturer based in Denmark, has recently entered into partnership with IOTA Foundation, the Herald Sheets website reported. According to a press release published on NKT website, the deal aims to fulfill [...]